Top Emerging Trends Of Consumer Electronics Market Progress Forecast 2030 |Grand View Research, Inc.

Posted by Mrudula Anil Karmarkar on January 7th, 2025

San Francisco, 07 January 2030: The Report Consumer Electronics Market Size, Share & Trends Analysis Report By Product (Smartphones, Tablets, Desktops, Laptops, Digital Cameras, Hard Disk Drives, E-readers), By Sales Channel (Offline, Online), By Region, And Segment Forecasts, 2023 - 2030

The global consumer electronics market size is expected to reach USD 1,782.60 billion by 2030, registering a CAGR of 6.6% during the forecast period, according to a new report by Grand View Research, Inc. Recent technological advancements have led to the miniaturization of smart devices, and are expected to be key factor driving the consumer electronics industry. High investment, availability of cost effective devices due to mass production, and a range of diverse applications are also expected to be the key growth drivers.

Consumers are narrowing their technology interest to devices that offer multiple functions. Single-function products such as portable music players, digital cameras, etc. have witnessed considerable decline owing to the advent of multi-function devices. For example, there has been a considerable rise in smartphone ownership in 2013, while ownership of digital cameras has declined. End users have become more platform-agnostic as they are open to experimenting with different platforms such as Windows, Android and iOS, which is also expected to catapult consumer electronics market demand over the forecast period.

Increasing penetration of BYOD has presented growth avenues. Long-battery life, processors and large screens along with other value-added features is also expected to favorably impact personal electronics market growth over the next few years. Consumer electronics manufacturers focus on gaining a level of insight into service adoption on smartphones and related pricing strategies to target end users.

Smartphone proliferation is expected to fuel the global market for consumer electronics. Technological advancements, the emergence of 3G and 4G technologies, and innovation are expected to drive demand for the market for consumer electronic.

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The industry has evolved significantly over the last few years owing to several new technological developments. Technological proliferation and the emergence of smart devices is expected to be the key factor driving growth over the next six years. However, the growing adoption of tablets has led to declining sales of traditional desktop PCs and laptops, which is expected to challenge growth.

Consumer Electronics Market Report Highlights

• The smartphones segment captured the largest revenue share and is estimated to register the fastest growth over the forecast period, which may be attributed to increased emphasis on devices integrating several advanced features such as audio, GPS and high-end cameras. Emerging concepts such as pervasive computing along with several communication technologies, including 4G/5G LTE are also expected to drive demand.
• The tablets segment is estimated to significantly grow over the forecast period. Introducing new innovative and smarter tablets with extensive input capabilities offers growth opportunities for the market.
• Digital camera market sales may witness a decline over the next few years. Consumer preference for devices such as smartphones that offer multi-functionality is expected to hinder the digital camera market.
• Asia Pacific consumer electronics market captured sizable volume share, which can be primarily attributed to high demand in China and India as well as considerable product penetration in the region.

The surge in demand for devices with large screens, referred to as ‘phablets’, offers significant growth opportunities. Furthermore, advancements such as the emergence of IoT across devices such as fitness bracelets, rising consumer disposable income, and the growing popularity of smart devices provide avenues for industry growth.

Developing devices compatible with emerging technologies such as 3G/4G is expected to propel demand. The industry offers ample opportunities for personal electronics suppliers and manufacturers to harness consumer behavior, intent, and trends to emerge as a leader. Increasing penetration of the BYOD market offers avenues for growth.

Consumer Electronics Market Report Scope

The market is highly competitive, and the players are undertaking strategies such as forecast launches, acquisitions, and collaborations to increase their global reach. For instance, in February 2023, Vivo Mobile Communication Co., Ltd. launched its latest flagship smartphones, the X90 and X90 Pro, as part of the X90 series. These smartphones bring a range of enhanced camera features and overall performance upgrades owing to the implementation of advanced dual flagship chip technology. Additionally, Vivo has continued collaborating with ZEISS, an imaging and camera system company. This collaboration encompasses various aspects such as optics, antireflective coating, software, and system integrations, ensuring exceptional imaging capabilities and a seamless user experience.